Justice Oluwatoyin Taiwo of a Special Offences Court in Ikeja, Lagos, has fixed July 5, for report of settlement in an alleged N1.7bn fraud trial levelled against a businessman, Edward Akinlade.
The prosecuting agency of the Economic and Financial Crimes Commission, EFCC, arraigned the businessman alongside his company, Suru Homes Ltd, on a 10-count charge bordering on stealing and issuance of dud cheques.
He, however, pleaded not guilty.
EFCC alleged the defendant, With an intent to defraud, converted the property at No.11A Adeyemi Lawson St., Ikoyi, Lagos by selling same without the knowledge of Fidelity Bank and diverted the proceeds of sales.
He was alleged that the property was a subject of a legal mortgage used as part of collateral to secure the loan of N1.7 billion from the Bank.
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At today’s proceedings, the defence counsel, Mr Pedro Lawal, SAN, notified the court of a letter dated June 1, titled “Terms of Settlement”, initiated by the complainant to settle with the defendant.
The Senior Advocate prayed the court for a short adjourned date to enable him bring proper application to strike out the case.
“The complainant and the defendant have finally settled their dispute my lord. It is a business gone sour which has been resolved.
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“There is a letter to that effect where the complainant has written to the Economic and Financial Crimes Commission (EFCC) and for the court to affirm the settlement.
“On this note, we shall be asking for a short adjourned date for us to file proper application to discontinue the trial,” Lawal said.
The EFCC counsel, Mr Temitope Banjo, however, informed the court that he was not privy of the information and he also urged the court for a short adjourned date to enable them perfect internal arrangement concerning the letter of settlement.
Subsequently the judge granted the prayers of the counsel and adjourned for report of settlement to strike out the case.
